Non-fungible token (NFT) have taken the globe by storm due to their capacity to give value to everything from art to music to a simple selfie.
According to industry data tracker, DappRadar data analytics, NFT sales increased by $25 billion in 2021 as the cryptocurrency asset soared in prominence, fuelled by the growing attention of celebrities and tech enthusiasts. However, other experts feel that NFTs are a speculative bubble that will burst.
What distinguishes an NFT from a cryptocurrency?
Cryptocurrencies and NFTs are significantly different from one another. Because it is built on the blockchain network, the similarities end there.
Cryptocurrency is a kind of money that is fungible or interchangeable. For example, if you own one crypto-token, such as Ethereum, the next Ethereum you own will be worth the same. However, NFTs are non-fungible, which implies that one NFT is not the same as the value of another. Every piece of art is distinct from the others, making it…